Fossil Group, Inc. (NASDAQ:FOSL) is to acquire Misfit, Inc., a developer of wearable technology and connected devices, for $260m.
The acquisition will enable Fossil Group to expand its market, offering consumers both traditional timepieces and connected accessories.
Misfit brings to Fossil Group a cloud and app platform, its software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.
Following the acquisition, CEO Sonny Vu will now serve as president and chief technology officer of connected devices for Fossil Group, Inc., and a member of the Fossil executive leadership team.
Founded in 2011 by Vu, John Sculley and Sridhar Iyengar, the company was backed by Horizons Ventures, Founders Fund, Khosla Ventures, Norwest Venture Partners, O’Reilly AlphaTech Ventures, Max Levchin, and incTank Ventures.
FinSMEs
13/11/2015